hcliston
Level 4
06-06-2021
11:02 PM
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Hi --
On a Partnership K-1, my clients took a distribution in excess of their basis.
I entered the amount on Line 19A as a distribution.
But now, I think I need to add it somewhere else to make sure it's taxed properly, since it is not a return of basis.
Where do I put it? (In ProSeries Basic).
Thank you!
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sjrcpa
Level 15
06-07-2021
09:56 AM
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There is nowhere else on the K-1 for it. You could add a statement explaining it.
The more I know the more I don’t know.
TaxGuyBill
Level 15
06-07-2021
01:08 PM
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I think what you are asking is how to make ProSeries tax the excess distributions, right?
If so, it would be entered on the 8949/Schedule D (in ProSeries, use the 1099-B worksheet) to enter the taxable excess distributions.
sjrcpa
Level 15
06-07-2021
01:11 PM
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Good mind reading Bill.
The more I know the more I don’t know.
